Text within this block will maintain its original spacing when publishedGoogle Doubles DownFervo Energy (FRVO) announced a 396 MW binding power purchase agreement from Google today. It was covered in the Wallstreet Journal. Their Google relationship is moving along as planned. There is an offer in this agreement today to expand to a total of 1 GW by 2030. In my deep-dive, I did when they IPO’d, I went into depth on the Google relationship. They already have a non-binding 3 GW right of first refusal agreement with Google. The provisions give Google priority over the development pipeline, blocking out Google’s competition. Fervo also has had deals with Shell for 31 MW for a 15 year deal and 320 MW with utility Southern California Edison. They had 658 megawatts of power purchase agreements already, before this Google PPA today. It’s good to see some press on Fervo as a new IPO still. They are in a great position to serve the grid and big tech with clean energy in the rural, Western parts of the country. Text within this block will maintain its original spacing when publishedRural Permitting AdvantageFervo Energy offers a solution to the current negative data center infrastructure public narrative. Local urban zoning fights, moratoriums, and community backlash are blocking or delaying tens of billions in projects annually. The pace of urban datacenter project cancellations is accelerating rapidly. Fervo Energy’s rural development pipeline offers very low to near-zero data center water usage potential. I go in-depth into Fervo's technology and future development pipeline here that will only use dry cooling technology as stated on the website. The entire operation uses the deep underground saltwater and zero freshwater at the surface for a water-neutral solution. In my view, the Fervo strategic plan of using rural land for projects greatly raises the future likelihood of permit approvals, vs urban development. Rural sites accelerate early-stage NEPA permitting. NEPA is the biggest permitting obstacle on federal land. The Bureau of Land Management (BLM) approved a categorical exclusion in April 2026, in one area, easing permitting for small-scale geothermal exploration activities disturbing up to 10 acres. This is a good trend.Fervo deals with a lot of federal land which isn’t guaranteed for approvals but I see it having way less resistance than urban areas by far. Also, the federal government is increasingly onboard AI progress deemed a national security issue by executive orders. Power grid buildout is currently not keeping pace with AI demand. A July 2025 Executive Order called, Accelerating Federal Permitting of Data Center Infrastructure says, “It will be a priority to facilitate the rapid and efficient buildout of this infrastructure by easing Federal regulatory burdens.” I have much, much more faith in the federal government's ability to get power and data center infrastructure built than local urban jurisdictions.Some of the future risks for Fervo permitting frameworks are political, and can change under new administrations or rule changes. They also have to deal with individual state regulations. Text within this block will maintain its original spacing when publishedFull Disclosure: I am long FRVO shares